61742, Goodfield, IL

The Goodfield, IL 61742 zip code has a median home value of $146,000. The home equity in this zip code is $51,000. This means that the typical homeowner in this zip code has over 50% of their home equity invested in their home. This is a higher percentage than the national average of 34%.

There are several factors that contribute to the high home equity in this zip code. First, Goodfield is a suburban area with many families who have been able to purchase homes relatively cheaply compared to other areas of the country. Second, many homeowners here have taken advantage of low interest rates over the past few years and have been able to increase their equity holdings significantly. Finally, there is a large number of homeowners who have taken out mortgages on their homes and are not underwater - meaning they owe less than their home's current market value - which further increases their equity holdings.

Despite these positive trends, there are some challenges facing homeowners in the 61742 zip code. First, interest rates are likely to rise over time and could make it more difficult for homeowners to increase their equity holdings. Second, although prices have remained relatively stable over the past few years, they could potentially decline if economic conditions worsen or if new development occurs nearby and drives up housing prices.

Overall, despite some challenges posed by rising interest rates and potential market volatility, homeowners in the 61742 zip code appear to be doing well overall with respect to their home equity investments.